Deals

Billionaire Ambani Bails Out Brother by Buying Wireless Assets

Reliance Jio to Acquire RCom’s Wireless, Tower, Fiber Assets
Jio Tops Bids for RCom Assets as Deal Valuation Not Disclosed

Mukesh Ambani
Photographer: Simon Dawson/Bloomberg

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By Santanu Chakraborty

December 28, 2017 at 2:32 PM UTC

This article is for subscribers only.

Billionaire Mukesh Ambani’s Reliance Jio Infocomm Ltd. agreed to acquire spectrum, mobile-phone towers and fiber assets of his brother Anil Ambani’s Reliance Communications Ltd. helping the younger sibling cut debt at the embattled wireless carrier, the two companies said in separate exchange filings.

Reliance Jio emerged the highest bidder for assets and the sale is expected to be closed in a phased manner between January and March 2018, according to a statement from RCom on Thursday. The companies didn’t disclose a value for the transaction. The deal will include a cash payment and transfer of deferred spectrum installment payable to India’s Department of Telecommunication.